Glazer takes control of Man Utd

BILLIONAIRE Malcolm Glazer has won the battle for control of Manchester United. It was announced today that the football club's two biggest shareholders had sold their stake to the American who has been stalking Man Utd since 2003.

City experts had been predicting that a formal takeover bid would fail because Irish racing tycoons John Magnier and JP McManus, would block it, partly because they are friends of manager Sir Alex Ferguson.

Their decision to sell a combined stake of 28.7% priced at 300p a share, brought Glazer's total holding to 57%, putting him in charge of the boardroom and triggering a formal takeover offer worth almost £800m.

Once Glazer owns over 75%, he can de-list United from the stock exchange and transfer his debts on to the club. Some predict this will happen tomorrow.

Fans' groups are staging a demonstration at United's Old Trafford ground tonight, saying Glazer had no knowledge of the football side of the club and was interested only in its brand and revenue.

They fear his offer will saddle United with heavy debts, force up ticket prices and divert funds that could be used to buy players for the team, which will finish a disappointing third this season in the Premiership.

Stock market rules mean that Glazer needs more than 75% of the shares to force other shareholders to accept the terms. However, by late afternoon he was not far short of his target. United's third-biggest shareholder, Scottish mining millionaire Harry Dobson, sold his 6.45% stake to the Glazer camp and there were reports that 70% of the company was in their hands.

Last October the United board broke off negotiations with Glazer, who owns the Tampa Bay Buccaneers American football team, due to the large amount of debt his bid would require. In November Glazer carried out his threat to remove three directors - Maurice Watkins, Philip Yea and Andy Anson - from the board at the club's annual general meeting.

Two weeks ago, the board of Manchester United said it would not be recommending the takeover proposal to investors because Glazer's business plan appeared "aggressive".

The London Stock Exchange's takeover panel gave Glazer until 17 May 'to put up or shut up' - make a formal offer, or walk away.